First Abu Dhabi Bank (FAB), the UAE’s asset heavyweight, is setting sights on the offshore market with a five-year floating-rate Formosa bond denominated in U.S. dollars. Guidance for the offering lands at SOFR +75 basis points.
The Regulation S issuance is expected to mirror the bank’s solid credit standing with a Moody’s rating of Aa3. Leading the charge on the deal are Credit Agricole’s Taipei branch, KGI Securities, and Standard Chartered Bank (Taiwan), acting as joint managers.
This marks FAB’s second foray into debt markets this year. Earlier in January, the bank tapped investors for $750 million through a five-year Eurobond carrying a fixed coupon of 4.299%.
